Housing affordability is likely to remain a challenge in the coming years, says RBC Economics report.
The study, published in April by National Bank of Canada Financial Markets, found Canada’s working age population grew by 80,000 people in March alone and by 204,000 in the first three months of the year.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
National Bank further noted that new home construction in Canada has not kept pace, estimating home builders added only 57,000 new units in the first quarter of this year. The report further noted that the ratio of housing starts to the working-age population is now 0.27, the lowest on record and below the historical average of 0.61. For context, the ratio is typically less than one because it is always assumed most homes have multiple dwellers.
The report further pointed out that Canada’s current population growth trajectory is driven by the federal government’s mandate to bring in about 500,000 new Canadians annually for the next three years. Those would be the highest annual levels stretching back to the mid-1970s. Meanwhile, home starts — while higher than the historical average — are expected to see annual declines over the next few years.
Given the already tight supply in Canada’ resale markets, housing affordability will remain a challenge, leading the report author to recommend the federal government “consider revising its immigration targets” to allow supply to catch up with demand.
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.
Unaffordable housing will push rents higher in Canada: CMHC - National | Globalnews.caA new housing outlook from Canada Mortgage and Housing Corp. shows that as homeownership remains out of reach for many, renters will face higher costs.
اقرأ أكثر »
B.C. Housing names Vincent Tong CEO but still no sign of forensic auditTong, a vice president with B.C. Housing since 2021, will lead the government housing agency.
اقرأ أكثر »
Canadian home prices stabilizing, but market faces ‘alarming’ lack of housing startsPrices may begin rising later this year, says CMHC in its latest housing market forecast, while raising concerns about rentals and housing supply.
اقرأ أكثر »
CMHC Sees No Return to Pre-Pandemic Price Levels in Annual Housing ForecastCMHC’s “best-case scenario” is that price declines will conclude at some point in 2023, thereafter stabilizing amid rising immigration levels. CMHC_ca | realestate realestatenews housing housingstarts
اقرأ أكثر »
Posthaste: How consumers, high home prices could complicate the Bank of Canada's inflation ambitionsResilient consumers and rising housing prices are complicating the Bank of Canada\u0027s goal of getting inflation back to 2%. Find out more.
اقرأ أكثر »
Posthaste: How consumers, high home prices could complicate the Bank of Canada's inflation ambitionsResilient consumers and rising housing prices are complicating the Bank of Canada\u0027s goal of getting inflation back to 2%. Find out more.
اقرأ أكثر »